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Thank you for your question. Please permit me to assist you with your concerns.
You have the ability to retire starting at 62, but then your benefit would be lessened. To obtain full benefits you would need to retire at 66.
When you choose to seek benefits, you will have the choice of either pursuing your full benefits, or 50% of the benefit that your spouse obtained, as you have been legally married for over 10 years.
You cannot receive both benefits together--this is an 'either/or' situation.
That is why I am not sure if going after his benefits may be wise--if you earned more yourself, your own benefit may be bbetter
But if I collect on his benefits at 62 will I still have the right to collect on my benefits at 66. I would like to retire next year and need to know if I can collect on his benefit until I am 66.
No, you would not.
Once you start collecting on any benefit, your ability is frozen.
You can only elect to pursue benefits once.
So if you choose to go after his benefits at 62, likewise your own benefits stop accruing.
I guess I was confused by the fact that I have friends that are collecting their deceased ex-husbands benefits until they turn 66 and start collecting on their own. I thought it applied to both living and deceased spouses.
That is a different benefit, that is a death benefit that is not calculated toward retirement.
It is not a pension, hence it is treated differently.
But if you both are still living, that means that you both are still able to work, so the benefit is not provided.
Does that make sense?
So I can only collect mine or his - but not one for a time period and then the other one. Is that correct? And since I make alot more $$ then I should collect on mine and best at age 66.
That is correct
That is correct on both points
OK - thanks.
You are most welcome. Is there anything else I can assist you with at this time?